General Growth Properties (NYSE: GGP) purchased the 915,000-square-foot Stonestown shopping center located in San Francisco, Calif. The purchase price was $312 million. The seller was identified only as an "institutional owner." Stonestown is a two-level mall, originally developed in 1952, and most recently renovated, expanded, and enclosed in 1988. The property is anchored by Macy's, Nordstrom, and Borders. Stonestown was 91.7 percent occupied at the time of sale. General Growth Properties is a shopping center owner, developer and manager. *** What's your opinion? Send your Letter to the Editor to email@example.com....
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